Wallet$mart: a financial literacy app for university students
Wallet$mart is a gamified financial literacy app designed and developed by Tangible for UniBank and Western Sydney University. Built to make financial education more accessible and engaging for university students, the app combines interactive lessons, assessments and practical budgeting tools.
A university trial demonstrated measurable improvements in students' financial knowledge and confidence.
Tangible's role
Tangible's work covered strategy, app development, UX/UI design and CMS. We built the app from a concept introduced by academics at Western Sydney University.
Where the idea came from
Academics at Western Sydney University introduced the idea for an app to build university students' financial literacy and capability. They had a particular focus on students at risk of financial adversity, and on the financial decisions that could affect their whole-of-life experience. Western Sydney University and UniBank approached Tangible to make the concept a reality.
Keeping students engaged
Tangible began by selecting the platforms and channels for Wallet$mart. Financial literacy had to compete for students' attention, and there was no financial incentive for them to take part. Keeping them engaged was the challenge. We built the concept around gamification, with UX and interface design playing a pivotal role.
How the app works
Wallet$mart began with an entrance test. It gave students a Wallet$mart IQ score measuring their financial literacy and capability before they used the app, then directed them to the areas where they most needed help.
The app covered seven financial management topic areas, each broken into bite-sized lessons with short videos and quiz questions. Students earned digital badges for completing lessons. A budgeting tool helped them manage their money alongside the learning content.
Students who completed all the lessons could take an exit assessment to see whether their Wallet$mart IQ score had improved. Students used the app during a trial period.
What the trial found
More than an 80% improvement overall on pre/post-test results.
More than 75% of survey respondents indicated their financial capability had increased since using the app.
Both findings come from the university trial: the pre/post-test results measured students' knowledge and understanding of financial concepts.
The trial found that the app improved students' financial capability by providing just-in-time information relevant to financial decisions they were making or considering. Bite-sized lessons with short videos and quizzes, accessed over an extended period, allowed many participants to put what they learnt into practice during the trial. The trial also found increased awareness of topics relevant to students' circumstances, improved skills such as budgeting, greater confidence in making financial decisions, and a positive influence on attitudes to personal financial management.
Tell us what you're working on.
Your first conversation is with a senior member of the team.